Mumbai, May 30th, 2024: The Board of Directors at Remsons Industries Ltd (NSE: REMSONSIND | BSE: 530919), an automotive OEM components manufacturer supplying to two, three and four-wheeler vehicles, commercial vehicles and off highway vehicles all over India and automotive OEM’s globally, has approved the financial results for the quarter and financial year ended March 31, 2024.
(Rs. in Crore)
| Performance
Indicators |
Q4 FY24 | Q4 FY23 | YoY | FY24 | FY23 | YoY |
| Revenue | 81.00 | 76.40 | 6.02% | 312.30 | 312.80 | – |
| EBITDA | 8.00 | 7.80 | 3% | 31.20 | 26.00 | 20% |
| Profit After Tax | 5.20 | 2.60 | 100% | 13.30 | 8.40 | 59% |
Key Business Updates
· Acquired 55% stake, i.e. 5,500 Equity Share of Rs. 10/- each, in the newly incorporated company viz. ‘Remsons-Uni Autonics Private Limited’ from its present promoters
· Signed a 50:50 JV with Daiichi Infotainment System, to form a new Joint Venture Company “Daiichi Remsons Electronics Pvt Ltd” to offer advanced automotive solutions such as infotainment systems.
· Entered into a Joint Venture agreement with Aircom Group to carry on business of manufacturing and selling of tyre puncture kits and its components for automobiles.
· Successfully completed fundraise of Rs. 63cr to meet long-term capital requirements, working capital requirements, fund new acquisitions / joint ventures and re-payment of unsecured loans.
Quote from Management
Commenting on the Results, Mr. Krishna Kejriwal, Managing Director said, “Our outstanding achievement is attributed to strategic initiatives like higher value products, operational efficiency improvements, and robust export realizations. Looking ahead, we’re confident in our future-ready position thanks to the revolutionary changes brought about by digital transformation and our solid intent to move up the value chain.
Our positive outlook is fuelled by the belief that our growth trajectory will see significant enhancement through strategic partnerships, including synergistic joint ventures, acquisitions, and collaborations. As always, we remain dedicated to shareholder value creation with unwavering passion and commitment. In the coming quarter and beyond, we’ll focus on strengthening our business model by climbing the value chain, ensuring continued success.”